REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Open Property Finance Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
for |
Open Property Finance Limited |
Open Property Finance Limited (Registered number: 08869983) |
Contents of the Financial Statements |
for the Year Ended 30 APRIL 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
Open Property Finance Limited |
Company Information |
for the Year Ended 30 APRIL 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Suite 2C, Brosnan House |
175 Darkes Lane |
Potters Bar |
Hertfordshire |
EN6 1BW |
Open Property Finance Limited (Registered number: 08869983) |
Balance Sheet |
30 APRIL 2023 |
30.4.23 | 30.4.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 9 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | 12 | ( |
) |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Investment property |
revaluation reserve | 14 |
Retained earnings | 14 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Open Property Finance Limited (Registered number: 08869983) |
Balance Sheet - continued |
30 APRIL 2023 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Open Property Finance Limited (Registered number: 08869983) |
Notes to the Financial Statements |
for the Year Ended 30 APRIL 2023 |
1. | STATUTORY INFORMATION |
Open Property Finance Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about Open Property Finance Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Turnover |
Turnover represents sales of properties and rents received from the stock of properties. |
Tangible fixed assets |
Website | - |
Computer equipment | - |
All properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. The directors consider that this policy results in the accounts giving a true and fair view. |
Stocks |
Stock of properties are valued at the lower of cost and net realisable value. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Open Property Finance Limited (Registered number: 08869983) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Freehold | Long | Computer |
property | leasehold | Website | equipment | Totals |
£ | £ | £ | £ | £ |
COST OR VALUATION |
At 1 May 2022 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
Revaluations |
At 30 April 2023 |
DEPRECIATION |
At 1 May 2022 |
Charge for year |
At 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
Freehold and leasehold investment properties were revalued by the directors on an open market basis on 30 April 2023. |
. |
Cost or valuation at 30 April 2023 is represented by: |
Freehold | Long | Computer |
property | leasehold | Website | equipment | Totals |
£ | £ | £ | £ | £ |
Valuation in 2018 | 148,134 | 44,728 | - | - | 192,862 |
Valuation in 2019 | 58,829 | 1,595 | - | - | 60,424 |
Valuation in 2020 | (24,784 | ) | 6,000 | - | - | (18,784 | ) |
Valuation in 2021 | (3,249 | ) | 25,137 | - | - | 21,888 |
Valuation in 2022 | 210,000 | (5,000 | ) | - | - | 205,000 |
Valuation in 2023 | 42,252 | 78,594 | - | - | 120,846 |
Cost | 1,478,768 | 960,446 | 27,808 | 21,793 | 2,488,815 |
1,909,950 | 1,111,500 | 27,808 | 21,793 | 3,071,051 |
Open Property Finance Limited (Registered number: 08869983) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2023 |
4. | TANGIBLE FIXED ASSETS - continued |
If investment properties had not been revalued they would have been included at the following historical cost: |
30.4.23 | 30.4.22 |
£ | £ |
Cost | 2,439,214 | 2,946,868 |
5. | FIXED ASSET INVESTMENTS |
Unlisted |
investments |
£ |
COST |
At 1 May 2022 |
and 30 April 2023 |
NET BOOK VALUE |
At 30 April 2023 |
At 30 April 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: Suite 1, Europa House, 13 Marsham Way, Gerrards Cross, England, SL9 8BQ |
Nature of business: |
% |
Class of shares: | holding |
6. | STOCKS |
30.4.23 | 30.4.22 |
£ | £ |
Stock of properties |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Amounts due on completion |
Director's loan | 79,016 | 103,152 |
Amount due from subsidiary | 36,613 | 145,328 |
Other debtors and prepayments |
Open Property Finance Limited (Registered number: 08869983) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans and overdrafts (see note 10) |
Trade creditors and accruals |
Social security and other taxes |
VAT | 16,930 | 31,457 |
Sundry loans | 274,862 | 465,341 |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
30.4.23 | 30.4.22 |
£ | £ |
Bank loans (see note 10) |
Sundry loans (see note 10) |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 21,056 | 16,288 |
Sundry loans more than 5 years | 8,486,740 | 8,416,740 |
8,507,796 | 8,433,028 |
10. | LOANS |
An analysis of the maturity of loans is given below: |
30.4.23 | 30.4.22 |
£ | £ |
Amounts falling due within one year or on demand: |
Bank overdrafts |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
Amounts falling due in more than five years: |
Open Property Finance Limited (Registered number: 08869983) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2023 |
10. | LOANS - continued |
30.4.23 | 30.4.22 |
£ | £ |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years | 21,056 | 16,288 |
Sundry loans more than 5 years | 8,486,740 | 8,416,740 |
8,507,796 | 8,433,028 |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.4.23 | 30.4.22 |
£ | £ |
Bank overdrafts |
Bank loans |
The bank loans are secured by way of fixed and floating charges over various stock of properties. |
12. | PROVISIONS FOR LIABILITIES |
30.4.23 | 30.4.22 |
£ | £ |
Deferred tax | 60,000 | - |
Deferred |
tax |
£ |
Provided during year |
Balance at 30 April 2023 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.4.23 | 30.4.22 |
value: | £ | £ |
Ordinary Share | £1.00 | 1,000 | 1,000 |
Open Property Finance Limited (Registered number: 08869983) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2023 |
14. | RESERVES |
Investment |
property |
Retained | revaluation |
earnings | reserve | Totals |
£ | £ | £ |
At 1 May 2022 | ( |
) | (78,954 | ) |
Deficit for the year | ( |
) | ( |
) |
Revaluation for the year |
Deferred tax adjustment | 15,446 | (15,446 | ) | - |
At 30 April 2023 | ( |
) | (22,653 | ) |
15. | DIRECTORS LOAN ACCOUNT |
The following advances and credits to a director subsisted during the years ended 30 April 2023 and 30 April 2022: |
30.4.23 | 30.4.22 |
£ | £ |
Balance outstanding at start of year |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Open Property Finance Limited (Registered number: 08869983) |
Notes to the Financial Statements - continued |
for the Year Ended 30 APRIL 2023 |
16. | RELATED PARTY DISCLOSURES |
Sundry loans include an amount of £2,166,739 from Lanvin Trading Limited, a company in which Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders. During the year the company paid interest on the loan totalling £107,400 to Lanvin Trading Limited. |
Sundry loans include an amount of £4,500,000 from Kooples Properties Limited, a company in which Mr Stuart Cove and Mrs Nicola Cove are shareholders. During the year the company paid interest on the loan totalling £253,000 to Kooples Properties Limited. |
Sundry loans include an amount of £1,670,001 due to Hackett Trading Limited, a company controlled by close family members of Mr Stuart Cove and Mrs Nicola Cove. During the year the company paid interest on the loan totalling £75,375 to Hackett Trading Limited. |
Sundry loans includes an amount of £150,000 due to Overnite Bearings Limited, a company controlled by close family members of Mr and Mrs Cove. During the year paid interest on the loan totalling £2,063 to Overnite Bearings Limited. |
Other debtors and prepayments includes an amount of £2,936,245 due from Open Trading Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders. During the year the company received loan interest totalling £437,837 from Open Trading Limited. |
During the year the company recharged wages totalling £400,242 and advertising totalling £490,610 to Open Trading Limited. |
Other debtors and prepayments includes an amount of £107,115 due from Move Places Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders. |
Other Debtors and prepayments includes an amount of £722,942 due from Open Online Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders. |
Other debtors and prepayments includes an amount of £89,461 due from Open Online Agency Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders. |
Other debtors and prepayments includes an amount of £43,927 due from Open Trading Two Limited, a company of which Mr Jason Harris-Cohen, Mr Stuart Cove and Mrs Nicola Cove are directors and shareholders. |
17. | ULTIMATE CONTROLLING PARTY |
The controlling party is the directors. |